IRELAND, Dublin. The "Meat Substitutes Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
Meat substitutes are the food products which resemble meat in the texture, taste and protein qualities. Meat substitutes are made up of plant protein ingredients, which therefore contain no meat.
Meat substitutes market is mainly driven by the increasing health consciousness, shift in consumer preference towards natural plant proteins, rising meat prices and increasing demand from general middle class consumers. Meat substitutes are a part of the free-from trend, which is driven by health concerns, and the health & wellness trend. Growing global population is also a significant driver of the market.
As per the UN projections, the global population will reach 8.9 billion people by 2050, increasing by 47% since 2000. In view of current trend, alternative sources of protein become an important factor of sustainable development. Meat substitutes are gaining across the globe among vegetarians as well as non-vegetarians and flexitarians - people who want to shift their diets towards consumption of less meat.
Moreover, the manufacturers of meat substitute's products target specifically non-vegetarians because this consumer group is interested in purchasing healthy foods that resemble similar flavors and textures that of meat. Since, meat causes various diseases, its vegetarian options are getting more popularity. The meat substitutes market has been segmented on the basis of type, source, and region.
Textured vegetable proteins accounted for approximately 40% revenue share in year 2020 of the meat substitutes market by type and is anticipated to maintain its dominance throughout the forecast period 2021 to 2029. However, pea protein is projected to grow at the robust growth of around 8.5% during the forecast period 2021 to 2029.
In terms of source, soy-based meat substitutes held the largest share in terms of value in 2020. It is also projected to grow at a decent rate during the forecast period of 2021 to 2029. Availability of raw material, changing consumer preference towards plant sourced meat substitutes, and lower extraction cost of soy-based meat substitutes is expected to drive segment growth over the forecast period.
In 2020, the meat substitutes market by region was dominated by the Europe accounting more than 35% of the market share. Europe was followed by the North America and Asia-Pacific. The UK is the largest national market for meat substitutes. Increasing number of vegetarians coupled with flexitarianism trend in the UK is projected to propel the demand for meat substitutes in the region. The UK is also projected see the fastest growth during the forecast period, at a CAGR of around 8.5% between 2021 and 2029.
The global market for meat substitutes is dominated by Europe region in terms of value, accounted for approximately 40% of global meat substitutes market, followed by North America and Asia Pacific.
Europe meat substitutes demand is mainly driven by increasing number of vegetarians in the UK and falling meat consumption in the country. The UK is the leading meat substitute market owing to Europe and in world as well. It is also projected to witness the robust growth during the forecast period.
North America is the second largest market owing to presence of large number of flexitarians. Rising prices of meat coupled with population switching to healthy lifestyle leading to increased use of plant proteins in their diets, which in-turn supplementing the growth of meat substitutes in the region.
Asia Pacific is projected to grow at a decent rate of 7.7% during the forecast period. Increasing preference of consumers for healthy food, growing economy, rising middle class and increasing purchasing power are some of the factors boosting the growth of Asia Pacific market. China is the fastest growing country in Asia-Pacific and is expected to witness the growth of approximately 8% between 2021 and 2029.
The meat substitutes market is highly fragmented with the majority of the companies being small to medium size companies.